A bill to amend the Internal Revenue Code of 1954 to allow a deduction for expenses incurred by a taxpayer in making repairs and improvements to his residence, and to allow the owner of rental housing to amortize at an accelerated rate the cost of rehabilitating or restoring such housing.

Amends the Internal Revenue Code to permit a nonitemizing taxpayer to claim an income tax deduction for expenses incurred in making repairs and improvements to a principal residence. Limits the amount of such deduction to $750 for the taxable year.

Allows an income tax deduction with respect to the amortization of the adjusted basis of rental housing which is rehabilitated or restored by its owner. Bases the amortization on a period of 60 months. Defines "rental housing" as housing containing two or more dwelling units which are leased to the occupants by the owner.